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Town of Frederick News

Posted on: January 21, 2020

Town of Frederick Approves Metro Down Payment Assistance Program

On December 10, 2019, the Town of Frederick Board of Trustees entered into an agreement with the City and County of Denver to participate in the Metro Down Payment Assistance Program. The metro-wide cooperative program, called metroDPA, provides special down payment assistance for low- and moderate-income individuals and families seeking to purchase a home in Frederick. The metroDPA program, offered in more than 28 area cities, provides a zero-interest, forgivable, second mortgage.

"I am so proud to see the Town taking another step toward its vision of attainable housing by entering into this regional partnership,” said Mayor Tony Carey.

Borrowers can work with over 80 lenders and receive up to six percent of the loan amount as down payment assistance and closing costs for 30-year fixed-rate mortgages. Homebuyers who make payments on their first mortgage and hold the loan for three years are completely forgiven of the second loan. The down payment assistance program is currently available to those with incomes less than $139,200 and who qualify for a mortgage.

Coordinated by the City and County of Denver, the metroDPA program is a partnership of the Metro Mayors Caucus. Learn more about the qualifications and guidelines at Denvergov.org.